The Economic and Financial Crimes Commission (EFCC) arraigns a Port Harcourt, Rivers State-based socialite and oil magnate in court over a N750 million loan gone awry
By Chinedu Ogu, Port Harcourt
These, indeed are trouble times for oil and gas business tycoon in Port Harcourt, Rivers State, Ugochukwu Joseph Nwamere.
The Port Harcourt Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arrested him from his hideout and brought him before the Federal High Court in Port Harcourt, Rivers State.
EFCC sources said Nwamere, who is the Managing Director (CEO) of Pennhydro Oil and Gas Limited has been arraigned before Justice E.A. Obile of the Federal High Court sitting in Port Harcourt for alleged conspiracy, forgery and obtaining N750 million under false pretence.
According to EFCC, Nwamere allegedly worked with an accomplice, Osaogba Christian Izuchukwu (currently at large) being Executive Director of Pennhydro-Pell Oil and Gas Limited on or about April 17, 2023 in Port Harcourt, Rivers State within the jurisdiction of the Court, with the intent to defraud, obtain N750 million from Polaris Bank Limited, through Bank Account Number: 4091160890 under false pretence.
They were awarded a contract for the execution of dredging and stock-piling of 100,000 million tons of sharp sand on the on-going Bodo-Bonny Road Project, a project they know to be false and thereby committed an offence contrary to Section 1 (1) (b) of Advance Fee Fraud and other Related Offence Act 2006 and punishable under Section 1 (3) of the same Act.
Tentacle also learnt that the defendant pleaded “not guilty” to the 10-charges when read to him, prompting the prosecution counsel, C. Okorie to request a trial date. The defence counsel, U.C. Ngele Oka told the court of a pending bail application and prayed that the defendant be granted bail to enable him to stand trial.
Justice Obile, therefore, remanded the defendant at Port Harcourt Correctional Centre pending the date of ruling on the bail application.
Tentacle investigation revealed that the gentle-looking Nwamere ordeal began when he was arrested based on the allegations made by a petitioner on some alleged illicit financial dealings bordering on conspiracy and obtaining money from his victim under false pretence running into millions.
Specifically, the petitioner alleged that the Defendant, the MD of Pennhydro Pell Oil and Gas Limited and his conspirator (now at large) sometimes in April 2023 approached Polaris Bank Limited Garrison Junction Branch, Aba Road, Port Harcourt, Rivers State for a loan for the execution of dredging and stock-pilling of 100,000 tons of sharp sand on the on-going Bodo-Bonny Road Project.
To obtain the loan, Tentacle further gathered he allegedly forged a document titled Penndro-pell Oil and Gas Invoice with No 142 dated 29th November, 2022 purporting same to have been cleared by Julius Berger Nigeria Limited Plc for payment of contract sum for a milestone completed by his company with intent that it may be acted upon as genuine.
Investigation further revealed that Nwamere allegedly convinced the bank and obtained a total sum of Seven Hundred and Fifty Million, but was later discovered that the loan proposal was false and all efforts by the victim to recover the said sum of money proved abortive.
In a related development, EFCC has arraigned a Port Harcourt based Medical Doctor, Dr. Nekabari Dambere Nathan, over an alleged visa scam involving N39,157,000,000.
He was arraigned before Justice P.I. Ajoku of the Federal High Court, Port Harcourt, alongside his company, Global Horizon Academy Limited on a one-count charge bordering on obtaining by false pretence and advance free fraud.
According to EFCC, Dr. Nathan was arrested following a petition in February 2023. The petitioners alleged that the Defendant falsely presented himself as a certified caregiver trainer and Travel Agent, claiming he could facilitate visa applications and job placement in Canada, Ireland and the United Kingdom.
Dr. Nathan reportedly approached Riskout Consult, a training and consultancy firm and convinced its student to pay him to help secure international travel documents and register them for the International Language Testing System (IELTS) Examination.
A total of N39.1 million was allegedly paid to the Defendant for these services. However, the EFCC claims the visas and job placements were never delivered, and the victims were unable to recover their money as the Defendant allegedly became unreachable.
The charge reads: “That you Dr. Nekabari Dambere Nathan and Global Horizons Academy Limited between April 8 to December 12, 2023 in Port Harcourt, within the jurisdiction of this court with intent to defraud, obtained the sum of N39,157,000,000 from Justice Toojah Iyieagbu, Managing Director of Riskout Consults, under the false pretence of processing visas for Canada, Ireland and United States of America, a representation you know to be false; thereby committing an offence contrary to Section 1 (1) (a) and punishable under Section 1 (3) of the Advance Fee Fraud and other Fraud Related Offence Act.
Nathan pleaded not guilty to the charge. Prosecution Counsel, A. Abubakar requested a trial date and that the defendant be remanded in custody.
Defense Counsel, Friday Otanjah applied for bail on medical grounds, arguing that the Defendant needed access to treatment to be able to face trial.
Justice Ajoku adjourned the matter to November 27, 2025 and ordered the defendant to be remanded in EFCC custody.
